Arcade2Earn, a Solana-based Gaming Platform Raises $3.2M led by Crypto.com Capital
Arcade2Earn, a Solana-based play-to-earn gaming platform, has recently secured over $3.2 million in a fundraising round led by Crypto.com Capital.
The Arcade2Earn Game
Arcade2Earn is a gaming system that was developed on the Solana network. It features a special feature that is referred to as “mission pools.” This feature allows gamers to make money without having NFTs taking gaming to a new level.
Other investors who took part in the recent funding include KuCoin Labs, Shima Capital, Solana Ventures, and GSR. According to Jaleel Menifee, co-founder of Arcade, the company used a simple agreement for future tokens (SAFT) to raise the fund. Also, the name of the firm’s utility token is Arcade.
As per The Block Research, financing for web3 projects, in general, has decreased this year, but most of the venture capital funding went to NFTs and gaming initiatives in Q3 2022.Â
This indicates that gaming projects are still popular. Besides, several analysts and gaming enthusiasts opined that gaming would be a major revenue stream in the metaverse.
Additionally, Arcade asserts that it is distinct from the myriad of Web3 gaming channels available in the gaming industry. Arcade’s platform has a special feature known as “mission pools.” This concept enables players to earn money even if they do not have NFTs.
How Players Can Earn On The Platform
Furthermore, Menifee said users could donate to a particular mission pool by utilizing the xarcade token. This task pool comprises contributors and operators.
Anyone who Arcades accepts their application can function as a game guild or mission pool operator. Operators can participate in games using NFTs that are either owned by Arcade or loaned to Arcade. These NFTs will later be used to create rewards for the winners of those games.
However, Mission pool contributors are holders of arcade tokens who choose which in-game activities and operators they want to support. These contributors offer support by depositing the xarcade tokens of these operators into a mission pool.
Afterward, the tokens are locked in the pool and are only returned after the completion of the task. A proportionate amount of the rewards is also added to it.
Arcade2Earn To Launch A Demo Version This Year
Xinlu Yu, the head of KuCoin Labs, stated that not everybody has the ability or time to play games to make money. Yu added:
“Here is where Arcade comes in to fill the void. The gaming platform provides these groups of individuals the opportunity to experience the benefits of earning returns via their particular products without actually playing the games.”
According to Menifee, the gaming platform is now undergoing development, and the release of its demo version is anticipated to take place before 2022 ends. The subsequent step after the demo will be the public release of the platform as well as the token.
At the moment, there are twenty employees employed at Arcade, including the company’s six original founders. However, the firm does not intend to increase the size of its workforce instantly. Perhaps, it would do so after launching the official platform.
